Which of the following is true of the unemployment rate?
A) It is (number of unemployed/labor force) and the denominator is very difficult to measure
B) It is (number of unemployed/labor force) and the numerator is very difficult to measure
C) It is (number of unemployed*labor force) and both are very difficult to measure
D) It is (number of number of employed - number of unemployed) and both are difficult to measure
Answer: A) It is (number of unemployed/labor force) and the denominator is very difficult to measure
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The Lucas Wedge shows
A) the negative impact inflation has on consumer spending. B) whether a country needs to slow its real GDP growth rate. C) the positive impact lower taxes have on real GDP. D) the negative impact a slowdown in real GDP growth has on potential GDP. E) the increased impact of government spending on real GDP.
In 1980, the U.S. budget was ________, private saving was ________ domestic investment, and foreign borrowing was ________
A) in deficit, higher than, not needed to finance deficit B) balanced, roughly equal to, not needed to finance deficit C) balanced, less than, substantial. D) surplus, greater, negligible
Which of the following is true in long-run equilibrium for a firm in monopolistic competition?
A) MC = ATC. B) MC > ATC. C) MC < ATC. D) Any of the above may be true.
If the Chinese currency devalues compared to the US dollar, then
a. US producers will benefit; Chinese consumers will benefit b. US producers will benefit; Chinese consumers will hurt c. US producers will hurt; Chinese consumers will benefit d. US producers will hurt; Chinese consumers will hurt